Lear files reorganization plan, may exit this year

* Lear files reorganization plan with court

* Lear seeks Nov. 2 confirmation hearing

* Plan to restructure $3.6 bln in debt

By Emily Chasan

NEW YORK, Aug 17 (Reuters) - U.S. auto parts maker Lear Corp LEARQ.PK has filed its bankruptcy reorganization plan with the court, moving ahead with a deal to restructure about $3.6 billion of its debt burden, and possibly exit bankruptcy protection later this year.

Lear, which filed for bankruptcy protection on July 7, said at the time that it had a proposed deal supported by the majority of its creditors to cut its debt level.

In its proposed plan filed with the bankruptcy court on Friday, Lear said its lenders will convert $1.6 billion plus interest into new term loans, and that about $2 billion of unsecured claims and notes will be converted into common stock and warrants in the reorganized company.

The company's $500 million debtor-in-possession bankruptcy financing is convertible into exit financing that can fund its emergence from court protection.

If the bankruptcy court approves the company's proposal it will be sent out to creditors for a vote. The company has proposed a hearing for confirmation of its reorganization plan on Nov. 2. If it is successful in winning confirmation of the plan, the company would be able to emerge from bankruptcy just months after filing with the court.

Lear, which makes seating, door panels, flooring and electrical components for cars, is among a string of car parts suppliers that have been forced to seek bankruptcy court protection this year, as auto sales dropped in 2008 and 2009 amid the recession and carmakers cut back on orders from suppliers. In 2008, Lear said that General Motors and Ford Motor Co (F.N) accounted for about 37 percent of its sales.

Lear has about 72,000 employees worldwide, including about 5,500 in the United States and Canada, according to court papers. The reorganized company will continue to sponsor its pension plans, according to the proposed reorganization plan.

The case is In re: Lear Corp, U.S. Bankruptcy Court, Southern District of New York, No. 09-14326.

(Reporting by Emily Chasan; Editing by Phil Berlowitz)